Hit in Pochet: Mauricio Pochettino is set to wield the axe (Image: Jan Kruger)

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Mauricio Pochettino has promised Tottenham will learn from past mistakes in the transfer market after admitting the club squandered the Gareth Bale money.

Spurs boss Pochettino said he will show his “cold, professional side” as he overhauls his playing staff this summer after failing to qualify for the Champions League.

But after the club splurged Bale’s £86million transfer fee before he arrived, the Argentine will struggle to recoup that money by selling on expensive misfits such as Roberto Soldado and Erik Lamela.

And Pochettino admitted he will have to be “clever” to build his “new squad”.

“We need to look forward and learn from our past, but I was not here,” the Argentine said.

“You ask me about two seasons ago that maybe the manager had a lot of money to spend like (Ronald) Koeman at Southampton and maybe (Louis) Van Gaal at Manchester United . Are you asking me if I have the same possibility? No.

“We need to learn and look forward. We need to learn. We have a different plan to develop over the next few years and we need to deliver it.

"We need to be clever in the way that we build the new squad because it is difficult to compete with the money – that’s true – so we need to be clever. We want good players, with the right profile.”

Pochettino warned not even players he signed last summer will be safe from his planned cull.

“Always you need to analyse the last season and nobody is sure to stay at the club,” he added.

“You need to be professional when you take a decision. My first speech with the players is one thing is the human side, the other the professional side. I am very cold on my professional side when I need to take a decision.”

* KEEPER Brad Friedel, who turns 44 next week, has announced he will retire at the end of the season.

But, with Spurs still in the mix for a Europa League place, the American will not make a farewell appearance against Hull on Saturday.